BUSINESS

Centrum-BharatPe Backed Unity Small Finance Bank Commences Operations

On Monday, Unity Small Finance Bank (Unity Bank) commenced operations with a capital base of Rs 1,100 crore. The banking entity, promoted by Jaspal Bindra-led Centrum Group and Resilient Innovations Private Ltd (BharatPe), aims to be the digital-first bank.

The bank will begin with total assets of about Rs 2,400 crore, an active customer base of over 0.2 million, 145
offices, including a branch in Centrum House, Mumbai.

It received final approval from the Reserve Bank of India (RBI) on October 12, 2021. Earlier in June 2021, the banking sector regulator had granted ‘in-principle approval to Centrum to set up SFB. It will take over troubled Punjab and Maharashtra Co-operative Bank (PMC) through the amalgamation process.

Jaspal Bindra, Executive Chairman, Centrum Group, said the bank is well capitalised, significantly higher than the minimum regulatory requirement, giving the platform to build a robust technological infrastructure, hire the best talent.

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